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Fayemi lied, Ekiti debt not N170bn—FAYOSE

By Rotimi Ojomoyela

ADO-EKITI—THE immediate past Governor of Ekiti State, Mr. Ayodele Fayose, yesterday, denied committing the state to any financial institution in form of bonds and commercial loans.

Fayemi and Fayose

Fayose described the claim by Governor Kayode Fayemi that Ekiti State was indebted to the tune of N170 billion as false.

In a statement, Fayose’s Media Aide, Lere Olayinka, said that Ekiti State indebtedness was under N60 billion and that the debt was either directly incurred during Fayemi’s first tenure or as a result of the loans restructuring done at the instance of the Federal Government and the Federal Economic Council, FEC.

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He gave the breakdown as follows: Commercial Bank Loan, N2,08 billion; CBN Grant for Water Project, N163.45 million; Excess Crude Account Backed Loan, N9.5 billion; Bailout, N9.08 billion; FGN Bonds, N18.22 billion; State Bonds, N3.48 billion and Budget Support, N16.86 billion.

While challenging Fayemi to name the banks being owed the N170 billion and monthly repayment by the State Government to such banks, Olayinka said: “He should rather tell Nigerians how it is possible for a State that is indebted to the tune of N170 billion to be making N1.1 billion repayment monthly.

“Fayemi should publish the Debt Management Office, DMO, Ekiti State Executive Council and House of Assembly approvals for the loans since no loan can be taken without these approvals.”

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Olayinka said: “In September this year, Fayemi claimed that Ekiti debt was N117 billion, one month after, he said the debt is N170 billion. So, the debt increased from N117 billion to N170 billion in less than 30 days?

“The Federal Government deliberately refused to release legitimate funds belonging to Ekiti State to the Fayose administration and for this reason; the arrears of salary could not be cleared as promised.”


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